Cryptocurrency exchange CoinDCX has raised Rs 100 crore ($13.9 million) in a Series B funding round.
Along with promoting crypto adoption in India with products like CoinDCX Go, the bitcoin/crypto app, the startup will use the funds to attract and retain talent.
The investors returning to this round are Polychain and Coinbase. The Series B round was led by Block.one and included DG, Jump Capital, Uncorrelated Ventures, Coinbase Ventures, Polychain Capital, Mehta Ventures, and Alex Pack.
This is the third round of funding for CoinDCX in 2020.
In March 2020, the crypto startup raised Series A funding worth $3 million from companies such as Polychain Capital, Bain Ventures, and Bitmex. In May 2020, the exchange raised $2.5 million in a strategic round from the above companies, as well as Coinbase Ventures, the investment arm of San Francisco-based cryptocurrency trading platform Coinbase.
CoinDCX has in total raised close to $19.4 million, till date.
Sumit Gupta, CEO and Co-founder of CoinDCX said, “This has been the most exciting year for CoinDCX. While the pandemic forced everyone indoors, CoinDCX scaled up exponentially and continues to do so. The funds raised in the past and the current round will help us develop our newly launched bitcoin and crypto investment app CoinDCX Go and make it the easiest and the safest way to onboard the everyday Indian into cryptocurrencies.
“The new app is a flagship product from our #TryCrypto movement, which aims to onboard 50 million Indians into the cryptocurrency market.”
Brendan Blumer, the CEO of Block.one, developer of leading blockchain protocol EOSIO, said interest in digital assets grew in 2020 because investors wanted new liquidity options.
Olaf Carlson-Wee, Founder of Polychain Capital, a returning investor, said, “We have worked with CoinDCX in the past and we are really impressed with the amount of development, the company has carried out. With a seasoned team that is growing, CoinDCX is poised to strengthen its position as the largest crypto company in India.”